Inogen’s (INGN) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Inogen (NASDAQ:INGN) in a report issued on Wednesday, Marketbeat Ratings reports. They currently have a $280.00 price target on the medical technology company’s stock, down from their previous price target of $296.00.

“INGN beat consensus revenue and EPS expectations in 3Q18 and management raised guidance for revenue and net income. The revenue upside was mainly driven by the DTC sales force expansion. Gross margin was up Y/ Y and beat our estimate while operating margin was down Y/Y and just missed our estimate. INGN continues to see the benefit of its DTC sales force expansion as DTC sales grew 66% in 3Q18 and management reiterated its plans to expand its Cleveland sales team to ~330 reps. We expect the ongoing sales force expansion, new product cycle, and the market shift to POCs to sustain strong growth and drive additional upside to consensus and we reiterate our Buy rating.”,” the firm’s analyst commented.

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Several other research firms have also commented on INGN. Piper Jaffray Companies boosted their price objective on shares of Inogen from $245.00 to $290.00 and gave the stock an overweight rating in a research note on Wednesday, September 12th. Zacks Investment Research lowered shares of Inogen from a buy rating to a hold rating in a research note on Wednesday, September 5th. BidaskClub lowered shares of Inogen from a strong-buy rating to a buy rating in a research note on Thursday, September 20th. Finally, Stifel Nicolaus set a $258.00 price objective on shares of Inogen and gave the stock a buy rating in a research note on Tuesday, August 21st. One analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $244.67.

NASDAQ:INGN traded down $0.30 during mid-day trading on Wednesday, hitting $148.51. 867,075 shares of the company’s stock were exchanged, compared to its average volume of 491,948. Inogen has a one year low of $111.49 and a one year high of $287.79. The firm has a market capitalization of $3.33 billion, a P/E ratio of 113.37, a PEG ratio of 3.06 and a beta of 1.56.

Inogen (NASDAQ:INGN) last posted its quarterly earnings data on Tuesday, November 6th. The medical technology company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.52 by $0.21. Inogen had a net margin of 12.28% and a return on equity of 18.91%. The business had revenue of $95.29 million for the quarter, compared to analyst estimates of $90.94 million. During the same quarter in the previous year, the firm posted $0.33 earnings per share. Inogen’s quarterly revenue was up 38.0% on a year-over-year basis. As a group, analysts anticipate that Inogen will post 2.1 earnings per share for the current year.

In other news, EVP Brenton Taylor sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $259.42, for a total value of $1,297,100.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Heath Lukatch sold 500 shares of the company’s stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $193.97, for a total transaction of $96,985.00. Following the completion of the transaction, the director now owns 1,489 shares in the company, valued at approximately $288,821.33. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,000 shares of company stock worth $11,098,610. Insiders own 5.29% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. CIBC World Markets Inc. raised its holdings in shares of Inogen by 71.0% during the third quarter. CIBC World Markets Inc. now owns 14,593 shares of the medical technology company’s stock valued at $3,562,000 after purchasing an additional 6,057 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Inogen by 1.2% during the third quarter. Bank of New York Mellon Corp now owns 207,765 shares of the medical technology company’s stock valued at $50,720,000 after purchasing an additional 2,422 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Inogen by 85.2% during the third quarter. Janus Henderson Group PLC now owns 7,810 shares of the medical technology company’s stock valued at $1,907,000 after purchasing an additional 3,593 shares during the last quarter. AXA purchased a new position in shares of Inogen during the third quarter valued at approximately $1,587,000. Finally, Alliancebernstein L.P. raised its holdings in shares of Inogen by 43.3% during the third quarter. Alliancebernstein L.P. now owns 373,794 shares of the medical technology company’s stock valued at $91,251,000 after purchasing an additional 113,024 shares during the last quarter. Hedge funds and other institutional investors own 96.67% of the company’s stock.

Inogen Company Profile

Inogen, Inc, a medical technology company, primarily develops, manufactures, and markets portable oxygen concentrators for patients, physicians and other clinicians, and third-party payors in the United States and internationally. The company's oxygen concentrators are used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions.